Bakkt announces mass-delisting of 23 tokens, including prominent DeFi projects

Bakkt mass-delists 23 popular tokens, including LINK, AVAX, ATOM, ICP

Bakkt, the crypto exchange and custody platform backed by Intercontinental Exchange (ICE), has announced that it will delist 23 tokens from its platform effective May 31, 2023. The move surprises many crypto enthusiasts and investors, who have been using Bakkt as a trusted and regulated gateway to the crypto market.

Why did Bakkt delist the tokens?

According to Bakkt’s official blog post, the decision to delist the tokens was based on several factors, including regulatory compliance, liquidity, customer demand, and operational efficiency. Bakkt stated that it regularly reviews its token offerings and adjusts them according to the changing market conditions and customer preferences.

Bakkt also claimed that it consulted with its legal and compliance teams, as well as external advisors, before making the final decision. Bakkt said that it is committed to providing a safe and compliant platform for its customers and partners, and that it will continue to support the growth and innovation of the crypto industry.

Which tokens are affected by the delisting?

The list of tokens that Bakkt will delist includes some of the most popular and widely traded ones in the crypto space. Among them are Chainlink (LINK), Avalanche (AVAX), Cosmos (ATOM), Internet Computer (ICP), Polygon (MATIC), Solana (SOL), Uniswap (UNI), Aave (AAVE), Compound (COMP), Maker (MKR), SushiSwap (SUSHI), Synthetix (SNX), Yearn.Finance (YFI), Curve (CRV), Balancer (BAL), Bancor (BNT), Kyber Network (KNC), Loopring (LRC), 0x (ZRX), Ren (REN), UMA (UMA), Band Protocol (BAND), and The Graph (GRT).

These tokens represent some of the most innovative and promising projects in the decentralized finance (DeFi) sector, which has been growing rapidly in terms of adoption and value. According to DeFi Pulse, the total value locked in DeFi protocols has reached over $150 billion as of May 13, 2023.

How will the delisting affect the crypto market?

The delisting of these tokens by Bakkt is likely to have a negative impact on their prices and liquidity in the short term, as some Bakkt customers may decide to sell their holdings or move them to other platforms. However, in the long term, the delisting may not have a significant effect on the overall crypto market, as there are many other exchanges and platforms that support these tokens and offer similar or better services than Bakkt.

Moreover, some of these tokens may be relisted by Bakkt in the future, if they meet Bakkt’s criteria and standards. Bakkt said that it will monitor the market developments and customer feedback, and that it may add new or existing tokens to its platform based on its evaluation.

What should Bakkt customers do?

Bakkt customers who hold any of the affected tokens should take action before May 31, 2023, which is the deadline for withdrawing or transferring their tokens from Bakkt. Customers can either withdraw their tokens to their own wallets or transfer them to another platform that supports them. Bakkt said that it will provide detailed instructions and guidance to its customers on how to do so.

Customers who fail to withdraw or transfer their tokens by the deadline will lose access to them permanently, as Bakkt will no longer support them or provide any services related to them. Bakkt also warned its customers to be careful of phishing attempts or scams that may try to exploit the situation and steal their funds or personal information.